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Currency Forward Deals Banned

Hassan Mohammad-TabarHassan Mohammad-Tabar

The Central Bank of Iran has updated its regulations regarding the operation of bureaux de change, banning currency forward deals by individuals and companies. CBI requires forex operations to be cleared immediately after the deal is closed. According to a press release published on CBI’s website on Wednesday, money changers are obliged to record all real-time deals in CBI’s “forex supervision system” (Sana). Deals worth over $10,000 should be recorded between 10:00 a.m. to 6:00 p.m., the central bank said. The body also noted that conducting online forex operations is illegal. “No individual is allowed to announce exchange rates, except the authorized money changers,” the press release reads.

 

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